Reid working with White House on bill to boost oil market oversight

Reid gave no timeline for bringing the legislation to the floor, but he said it likely won’t come up during this work period, which ends April 30.

The majority leader also blasted Republicans for opposing Obama's plan to improve oversight of energy markets.

"While obstruction remains the Republicans' top priority, it's followed closely by throwing a lot of kisses to the wealthiest Americans, defending the big oil companies, even defending the oil speculators who continue having nothing short of fraud to drive up the prices of oil," Reid said.

Obama used a Rose Garden speech Tuesday to lay out his plan to ensure speculators aren’t manipulating oil futures markets.

“We can't afford a situation where speculators artificially manipulate markets by buying up oil, creating the perception of a shortage, and driving prices higher, only to flip the oil for a quick profit,” Obama said.

“We can't afford a situation where some speculators can reap millions, while millions of American families get the short end of the stick.”

“President Obama’s government by gimmick is reaching another new low today,” Romney said in a statement. “While American families struggle to pay gas prices that have doubled on his watch, the President’s only solutions are to target oil and gas producers for higher taxes and now to dramatically increase federal regulation.”